The U.S. stock market experienced a surge on Thursday, with the Dow Jones index gaining a significant 400 points. This upward trend was largely attributed to positive earnings reports and favorable news surrounding the technology and cryptocurrency sectors.
Darden Restaurants, Inc. (DRI), a leading restaurant company, saw its shares rise sharply following the release of its first-quarter results. Despite missing analyst estimates for both earnings and revenue, the company’s strong performance generated investor confidence. Darden’s stock soared 7.4% to $170.92.
Rezolve AI Limited (RZLV) witnessed a remarkable 88.8% surge in its stock price, reaching $8.97. This significant jump was fueled by the company’s enthusiastic response to the recent announcement by Microsoft and BlackRock to invest $30 billion in AI infrastructure.
Edgewise Therapeutics, Inc. (EWTX) also experienced a substantial gain, with its shares climbing 37.7% to $26.26. The company’s positive news regarding the top-line data from its Phase 1 trial for EDG-7500 in healthy subjects, as well as the single-dose arm of the Phase 2 CIRRUS-HCM trial in patients with obstructive HCM, boosted investor sentiment.
Mobileye Global Inc. (MBLY) shares surged 13.4% to $13.17 following reports that Intel, the parent company, has no plans to divest a majority interest in Mobileye. This news reassured investors about the future of the self-driving technology company.
Bel Fuse Inc. (BELFB) saw its stock rise 10.3% to $76.65 after announcing an agreement to acquire Enercon Technologies, a move expected to strengthen Bel Fuse’s position in the electrical components market.
Other notable gainers included TeraWulf Inc. (WULF) at 10.3% to $4.48, XCHG Limited (XCH) at 10.2% to $20.25, and Bit Digital, Inc. (BTBT) at 9.4% to $3.14. These crypto-linked stocks were buoyed by the Federal Reserve’s decision to cut rates by 50 basis points on Wednesday, which was perceived as a positive signal for the cryptocurrency market.
MINISO Group Holding Limited (MNSO), Symbotic Inc. (SYM), MicroStrategy Incorporated (MSTR), XPeng Inc. (XPEV), James Hardie Industries plc (JHX), Opthea Limited (OPT), Tesla, Inc. (TSLA), and NVIDIA Corporation (NVDA) also recorded significant gains on Thursday, reflecting a broad-based market rally.
Overall, the stock market’s upward trend on Thursday was a testament to investor optimism driven by positive earnings reports, news surrounding AI and cryptocurrency, and the Federal Reserve’s recent rate cut.
